Lower fuel costs (recoverable) and a change in fuel-mix led to a decline in revenue despite the rise in generation. Adjusted net profit rose a modest 3% yoy to Rs6.9bn. Realization slipped to Rs4.10/kWh (from Rs4.77) due to lower fuel costs and less power purchased.

Realization for 4QFY10 increased to US$62.7/ton, just above the FY10 average of US$60. Production cost increased to US$34 (US$32 for FY10). Company guides to maintain current production level (55m ton in FY10) in FY11.